Motley Fool has the article The Father of Value Investing in Action.

Last Friday at the Columbia Student Investment Management Association conference, Columbia business school released a 15-minute video called “The Legacy of Ben Graham,” which shows rare footage of Graham teaching, as well as interviews with some of his former students who went on to become great investors. It’s well worth watching.

The most insightful comment comes at 14 minutes and 46 second at the end of the video. Benjamin Graham is answering a student’s question as to why Wall Street experts are not more reliable in their predictions.

Your question as to why they are not more dependable is a very good one and an interesting one. My own explanation for that is this, that everybody in Wall Street is so smart, see, that their brilliance offsets each other, and that whatever they know is already reflected in the level of stock prices pretty much, and consequently what happens in the future represents what they don’t know.